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Month: January 2024

Army Chief’s direction intervention sought for removal of bureaucratic hurdles in way of new wind, solar projects involving $600M foreign investment

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solar-wind

The prospective foreign investors keen for the past couple of years to build new wind and solar power projects in the country have sought direct intervention from the Chief of Army Staff for immediate removal of bureaucratic hurdles in the way of phenomenally increasing the clean energy generation capacity of Pakistan.The Pakistan Foreign Renewable Energy Investors Forum (PFREF) has urged…

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January 2023 power breakdown: Probe finds country’s power transmission system running without SOPs

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Power-generation

ISLAMABAD: The electric power transmission system that transmits electricity of Rs3,000 billion a year is found ‘highly vulnerable’ as it is run without the standard operating procedures (SOPs), reveals the investigation just completed into the worst-ever 20 hours power breakdown that struck the country a year before on January 23, 2023. The probe into the causes of the unprecedented power…

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World economy will slow further off its pre-Covid pace in 2024, UN projects

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World-economy

ISLAMABAD: The United Nations (UN) issued a somber global economic forecast for 2024, pointing to challenges from escalating conflicts, sluggish global trade, persistently high interest rates and increasing climate disasters. In its flagship economic report, the UN projected that global economic growth would slow to 2.4% this year from an estimated 2.7% in 2023, which exceeds expectations. But both are…

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Draft LPG policy aimed at boosting local production finalised

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lpg

ISLAMABAD: Ministry of Energy (Petroleum Division) has finalised draft of Liquefied Petroleum Gas (LPG) Policy 2024, envisaging substantial fiscal incentives to promote domestic LPG production, its import and marketing. According to the summary of draft policy 2024 to be presented to the Council of Common Interests (CCI) for consideration, all LPG producers will dedicate up to 10% of their production…

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Solar PV panels: FBR accused of compelling importers to quote higher rates

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solar-panel

ISLAMABAD: Pakistan Alternative Energy Association (PAEA) has accused Federal Board of Revenue (FBR) of compelling commercial importers of solar PV panels of quoting higher rates, despite the fact that prices have substantially declined. In a letter to Chairman Federal Board of Revenue, Executive Director PAEA, Tariq Khattak has stated that since the given guideline on unit prices of $ 0.14/W…

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Reko Diq project: Co asked to share logistic requirements

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Reko-Diq

ISLAMABAD: A federal government panel has asked Reko Diq Mining Company (RDMC) to share their logistic technical requirements of the project like initial and peak volume to be transported, power, gas and water as the company is unwilling to use Gwadar Port for the time being, well informed sources in Planning Commission told Business Recorder. Sharing the details, the sources said,…

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Murky politics in a fragile economy

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economy

In the development decade of the 1960s, the issue of trade and not aid cropped up because much of the industrialisation was debt-driven and business leaders started talking about increasing domestic savings, investment, production and exports. But over time, the trade gap mostly continued to widen. Tight monetary policy to depress domestic demand and ease external sector pressures resulted in…

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OGDCL to Support Establishment of 45 Mammography Camps, Procure Radiation Machine for Cancer Treatment

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csr

ISLAMABAD, January 05, 2024: While demonstrating unwavering commitment to healthcare, the Oil & Gas Development Company Limited (OGDCL) has made a significant donation to the Cancer Care Hospital & Research Centre for the establishment of 45 free Mammography camps in its operational areas. Additionally, the company’s support includes the procurement of a cutting-edge radiation machine for treating cancer patients nationwide,…

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Government of Pakistan and Karachi Electric (KE) Ink Agreements Providing Energy Security for Karachi

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New-Project-

In a landmark moment for the power sector, the Government of Pakistan and KE reached a significant milestone by signing various agreements underpinning Karachi’s energy security. The signing ceremony took place at the Energy Division on Friday and resolved long-standing disputes between the Government and KE, with foremost among these being regarding formalizing and securing a firm supply of power…

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Hydropower, transmission: Major projects face rupee cover issue

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Karot-Hydropower

ISLAMABAD: Major hydropower and transmission line projects are reportedly facing Rupee cover issues due to less allocation in the Public Sector Development Project (PSDP) 2023-24, well informed sources in Ministry of Water Resources told Business Recorder. During discussion on Dasu Hydropower Project (phase-1) at a recent meeting on World Bank funded projects, Chairman Wapda stated that the project faced some initial…

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